Economic Month in Review

Chris Low, Sophia Kearney-Lederman, and Will Compernole

Omicron and Expected Rate Hikes

The rapid spread of the Omicron variant caused record-high cases, exacerbating staff shortages and other supply-side issues, but not upsetting markets. Prices continued to accelerate for consumers and producers in November data, confirming that October was not a one-off blip. The FOMC officially announced it will double the speed of tapering to end in March, and the latest dot plot showed a median expectation of three rate hikes this year.

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